M&A Deal Summary

GFL Environmental Acquires WCA Waste

On August 12, 2020, GFL Environmental Corp. acquired environmental company WCA Waste Corp. from Ares Private Equity Group and Macquarie Infrastructure and Real Assets (MIRA) for 1.2B USD

Acquisition Highlights
  • This is GFL Environmental’s 16th transaction in the Environmental sector.
  • This is GFL Environmental’s 1st largest (disclosed) transaction.
  • This is GFL Environmental’s 5th transaction in the United States.
  • This is GFL Environmental’s 2nd transaction in Texas.

M&A Deal Summary

Date 2020-08-12
Target WCA Waste Corp.
Sector Environmental
Buyer(s) GFL Environmental Corp.
Sellers(s) Ares Private Equity Group
Macquarie Infrastructure and Real Assets (MIRA)
Deal Type Add-on Acquisition
Deal Value 1.2B USD

Target

WCA Waste Corp.

Houston, Texas, United States
website
WCA Waste Corp. is a full service, non-hazardous solid waste company providing collection and disposal services to commercial, industrial and residential customers.

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Buyer(S) 1

Buyer

GFL Environmental Corp.

Vaughan, Ontario, Canada

website


Category Company
Founded 2007
SectorEnvironmental
Employees15,000
Revenue 4.2B USD (2020)
DESCRIPTION

GFL is a diversified environmental services company providing a comprehensive line of solid waste, infrastructure & soil remediation, and liquid waste management services through its platform of facilities across Canada and in Southeastern Michigan. GFL has a workforce of more than 5,000 employees and provides its broad range of environmental services to more than 60,000 commercial and industrial customers and its solid waste collection services to more than 2.5 million households. GFL was founded in 2007 and is based in Vaughan, Canada.


DEAL STATS #
Overall 18 of 21
Sector (Environmental) 16 of 19
Type (Add-on Acquisition) 12 of 14
State (Texas) 2 of 2
Country (United States) 5 of 7
Year (2020) 2 of 2
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-02 County Waste LLC

Clifton Park, New York, United States

County Waste is a private regional solid waste collection company that provides residential, commercial, industrial, and C&D waste collection, disposal, and recycling services in the Virginia and Pennsylvania regions. County Waste is based in Clifton Park, New York.

Buy $46M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-15 Terrapure Environmental Ltd.

Burlington, Ontario, Canada

Terrapure Environmental is a provider of industrial waste management and resource recovery. The company provides services that minimize the waste produced by clients’ industrial processes and recycles used oil and metals products for resale. Terrapure Environmental was founded in 2015 and is based in Burlington, Ontario.

Buy CA$928M

Seller(S) 2

SELLER

Ares Private Equity Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 20.0B USD
SizeMega
Type Sector Agnostic
DESCRIPTION

Ares Private Equity Group is the private equity arm of Ares Management, a global alternative asset manager. The Ares Private Equity Group specializes in opportunistic majority/shared control investments in under-capitalized middle-market companies. Ares looks for companies with strong franchises and attractive growth opportunities. The Group prefers to be the lead investor and will invest across the capital structure, including common equity, preferred equity, convertible equity/debt and senior debt. Areas of interest include business services, defense, healthcare, manufacturing, industrial, energy and consumer products and services. Ares Private Equity Group was formed in 2003 and is based in Los Angeles, California.


DEAL STATS #
Overall 33 of 37
Sector (Environmental) 2 of 3
Type (Add-on Acquisition) 8 of 9
State (Texas) 3 of 3
Country (United States) 30 of 33
Year (2020) 2 of 3
Size (of disclosed) 2 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-07 Neiman Marcus Group Inc.

Dallas, Texas, United States

Neiman Marcus Group Inc. is a specialty retailer with online and offline operations. The Company's retail stores segment consists primarily of Neiman Marcus, Bergdorf Goodman and Last Call stores. The Online segment conducts both catalog and online operations under the Neiman Marcus, Bergdorf Goodman and Horchow brand names. Neiman Marcus was originally established in 1907 and is headquartered Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-01 Exemplar Health Care Ltd.

Rotherham, United Kingdom

Exemplar Health Care provides person-centered, specialist nursing care, offering support to individuals in the UK living with complex physical and mental health needs, where the quality of care is paramount. The company’s homes, which are based across Yorkshire, Humberside, the Midlands, the North East, and the North West, focus on improving the lives of adults living with mental health conditions, neuro-disabilities, complex dementia, autism, and learning disabilities, as well as those suffering from brain injury, spinal injury, and stroke. It provides customized, person-centered nursing care facilitates therapeutic engagement and aims to succeed where other care providers have failed. Exemplar Health Care was formed in 2003 and is based in Rotherham.

Buy -
SELLER

Macquarie Infrastructure and Real Assets (MIRA)

website


Category Infrastructure
PE ASSETS 119.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Macquarie Infrastructure and Real Assets (MIRA) is a global investor in infrastructure, real estate, agriculture, and energy assets. MIRA's infrastructure practice looks to acquire businesses such as transportation, water and energy utilities, and waste management. MIRA's real estate practice looks to acquire and develop retail, commercial, residential and industrial properties. MIRA's agriculture team looks to operate and develop agriculture businesses and farmland. MIRA's energy team seeks opportunities in upstream energy and upstream energy-related assets and businesses in the US and Canada. Macquarie Infrastructure and Real Assets is headquartered in London with additional offices throughout the world.


DEAL STATS #
Overall 7 of 8
Sector (Environmental) 1 of 1
Type (Add-on Acquisition) 4 of 4
State (Texas) 2 of 2
Country (United States) 2 of 2
Year (2020) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-13 Cincinnati Bell, Inc.

Cincinnati, Ohio, United States

Cincinnati Bell, Inc. is a provider of integrated communications solutions, including local and long-distance voice, data, high-speed Internet and entertainment services. Cincinnati Bell serves customers in Greater Cincinnati and Dayton. Cincinnati Bell was founded in 1873 and is based in Cincinnati, Ohio.

Buy $2.9B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-24 Società Gasdotti Italia S.p.A.

Frosinone, Italy

Società Gasdotti Italia S.p.A. is the largest independent gas transmission operator in Italy, with a 1,700-kilometre high-pressure pipeline network transporting natural gas to key industrial and urban centers.

Sell -